On January 1, 2019, Ken Company sold a machine to Burns Company. Burns signed a non-interest-bearing note
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On January 1, 2019, Ken Company sold a machine to Burns Company. Burns signed a non-interest-bearing note requiring payment of $30,000 annually for 7 years. The first payment was made on January 1, 2019. The prevailing rate of interest for this type of note at the date of issuance was 10%. Information on present value factors is as follows:
Ken should record the sale in January 2019 at:
a. $107,100
b. $130,800
c. $146,100
d. $160,800
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Related Book For 
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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